INFOrce
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-06-2026 at the NBB all 16 filings
Turnover
≈ €160,000
Estimated: probably between €130,000 and €230,000
Total assets
€465,446▲ 3.4%
2024 · €449,962
Net result
€58,393▲ 6.4%
2024 · €54,898
Working capital
€296,814▲ 13.7%
2024 · €261,053
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€82,594
▲ 6.8%
2025
20182025
Net result
€58,393
▲ 6.4%
2025
highest quarter of the sector
20182025
Equity
€344,253
▲ 7.0%
2025
highest quarter of the sector
20182025
Total assets
€465,446
▲ 3.4%
2025
highest quarter of the sector
20182025
Debt
€121,193
▼ 5.4%
2025
20182025
Working capital
€296,814
▲ 13.7%
2025
highest quarter of the sector
20182025
Solvency
74.0%
▲ 2.4pp
2025
middle half of the sector
20182025
Current ratio
3.77
▲ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
12.5%
▲ 0.3pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€39,167-€63,537▲ 62.2%€47,954▼ 24.5%€49,524▲ 3.3%€56,933▲ 15.0%€60,153▲ 5.7%€77,356▲ 28.6%€82,594▲ 6.8%
Net result€23,260-€43,371▲ 86.5%€32,022within the sector's middle half▼ 26.2%€33,328within the sector's middle half▲ 4.1%€36,000within the sector's middle half▲ 8.0%€39,775within the sector's middle half▲ 10.5%€54,898above the sector's middle half▲ 38.0%€58,393above the sector's middle half▲ 6.4%
Equity€137,467-€165,838▲ 20.6%€197,860above the sector's middle half▲ 19.3%€231,188above the sector's middle half▲ 16.8%€267,188above the sector's middle half▲ 15.6%€306,963above the sector's middle half▲ 14.9%€321,861above the sector's middle half▲ 4.9%€344,253above the sector's middle half▲ 7.0%
Total assets€180,220-€197,424▲ 9.5%€256,686within the sector's middle half▲ 30.0%€277,988within the sector's middle half▲ 8.3%€325,971within the sector's middle half▲ 17.3%€403,288above the sector's middle half▲ 23.7%€449,962above the sector's middle half▲ 11.6%€465,446above the sector's middle half▲ 3.4%
Debt€42,753-€31,586▼ 26.1%€58,825▲ 86.2%€46,800▼ 20.4%€58,783▲ 25.6%€96,325▲ 63.9%€128,101▲ 33.0%€121,193▼ 5.4%
Working capital€78,440-€112,575▲ 43.5%€152,599above the sector's middle half▲ 35.6%€200,406above the sector's middle half▲ 31.3%€236,356above the sector's middle half▲ 17.9%€231,830above the sector's middle half▼ 1.9%€261,053above the sector's middle half▲ 12.6%€296,814above the sector's middle half▲ 13.7%
Solvency76.3%-84.0%▲ 7.7pp77.1%above the sector's middle half▼ 6.9pp83.2%above the sector's middle half▲ 6.1pp82.0%above the sector's middle half▼ 1.2pp76.1%above the sector's middle half▼ 5.9pp71.5%within the sector's middle half▼ 4.6pp74.0%within the sector's middle half▲ 2.4pp
Current ratio3.60-5.04▲ 1.443.59within the sector's middle half▼ 1.455.28above the sector's middle half▲ 1.695.02above the sector's middle half▼ 0.264.88above the sector's middle half▼ 0.143.54within the sector's middle half▼ 1.333.77within the sector's middle half▲ 0.22
Return on assets (ROA)12.9%-22.0%▲ 9.1pp12.5%within the sector's middle half▼ 9.5pp12.0%within the sector's middle half▼ 0.5pp11.0%within the sector's middle half▼ 0.9pp9.9%within the sector's middle half▼ 1.2pp12.2%within the sector's middle half▲ 2.3pp12.5%within the sector's middle half▲ 0.3pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 7% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €465,446
Fixed assets
€61,331 ▼ 28.8%
Current assets
€404,115 ▲ 11.1%
Equity and liabilities €465,446
Equity
€344,253 ▲ 7.0%
Debt
€121,193 ▼ 5.4%
Debt's share of the balance-sheet total falls from 28.5% to 26.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€107,457▲
2024 · €102,809
Cash flow
€83,256▲
2024 · €80,350
Debt to equity
0.35▼
2024 · 0.40
ROE
17.0%▼
2024 · 17.1%
Interest coverage
27.13▲
2024 · 26.57
Debt ≤ 1 year
€107,302▲
2024 · €102,715
Debt > 1 year
€13,891▼
2024 · €25,386
Income taxes
€22,942▲
2024 · €22,133
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,156 | €4,915 | €103,563 | - | - |
| Depreciation and write-downs of the year | €15,635 | €4,626 | €22,749 | €25,453 | €24,863 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €15,000 | €905 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,653 | €14,653 | €15,233 | €15,635 | €4,626 | €22,749 | €25,453 | €24,863 | ▼ 2.3% |
| Other operating charges640/8 | - | - | - | €1,107 | €1,440 | €1,500 | €676 | €629 | ▼ 7.0% |
| Non-recurring operating charges66A | - | - | - | - | €239 | €0 | - | - | - |
| Gross operating margin9900 | €55,485 | €79,316 | €64,608 | €66,266 | €63,238 | €84,403 | €103,485 | €108,085 | ▲ 4.4% |
| Operating profit (loss)9901 | €39,167 | €63,537 | €47,954 | €49,524 | €56,933 | €60,153 | €77,356 | €82,594 | ▲ 6.8% |
| Financial income75/76B | - | - | - | - | €6 | €37 | €3,544 | €2,703 | ▼ 23.7% |
| Recurring financial income75 | €1 | €0 | - | - | €6 | €37 | €3,544 | €2,703 | ▼ 23.7% |
| Financial charges65/66B | - | - | - | €81 | €1,284 | €3,134 | €3,869 | €3,961 | ▲ 2.4% |
| Recurring financial charges65 | €798 | €439 | €205 | €81 | €1,284 | €3,134 | €3,869 | €3,961 | ▲ 2.4% |
| Profit (loss) for the period before taxes9903 | €38,370 | €63,098 | €47,749 | €49,444 | €55,656 | €57,057 | €77,031 | €81,335 | ▲ 5.6% |
| Income taxes67/77 | €15,111 | €19,726 | €15,727 | €16,116 | €19,656 | €17,283 | €22,133 | €22,942 | ▲ 3.7% |
| Profit (loss) for the period9904 | €23,260 | €43,371 | €32,022 | €33,328 | €36,000 | €39,775 | €54,898 | €58,393 | ▲ 6.4% |
| Profit (loss) for the period to be appropriated9905 | €23,260 | €43,371 | €32,022 | €33,328 | €36,000 | €39,775 | €54,898 | €58,393 | ▲ 6.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €180,220 | €197,424 | €256,686 | €277,988 | €325,971 | €403,288 | €449,962 | €465,446 | ▲ 3.4% |
| Fixed assets21/28 | €71,660 | €57,006 | €45,261 | €30,782 | €30,833 | €111,646 | €86,194 | €61,331 | ▼ 28.8% |
| Tangible fixed assets22/27 | €71,660 | €57,006 | €45,261 | €30,782 | €30,833 | €111,646 | €86,194 | €61,331 | ▼ 28.8% |
| Land and buildings22 | - | - | - | €27,461 | €24,579 | €21,696 | €18,814 | €15,932 | ▼ 15.3% |
| Plant, machinery and equipment23 | - | - | - | €1,619 | €2,392 | €1,682 | €971 | €493 | ▼ 49.2% |
| Furniture and vehicles24 | - | - | - | €1,702 | €1,744 | €86,654 | €65,299 | €44,300 | ▼ 32.2% |
| Other tangible fixed assets26 | - | - | - | - | €2,118 | €1,614 | €1,110 | €606 | ▼ 45.4% |
| Current assets29/58 | €108,560 | €140,418 | €211,424 | €247,206 | €295,139 | €291,642 | €363,768 | €404,115 | ▲ 11.1% |
| Amounts receivable within one year40/41 | €49,592 | €35,981 | €37,104 | €19,875 | €18,436 | €40,835 | €36,176 | €39,018 | ▲ 7.9% |
| Trade receivables40 | - | - | - | €16,789 | €17,908 | €40,112 | €35,861 | €38,932 | ▲ 8.6% |
| Other amounts receivable41 | - | - | - | €3,086 | €528 | €724 | €315 | €86 | ▼ 72.6% |
| Current investments50/53 | - | - | - | €202,815 | €192,815 | €141,822 | €260,144 | €357,511 | ▲ 37.4% |
| Cash at bank and in hand54/58 | €57,657 | €101,593 | €173,198 | €23,304 | €82,640 | €107,450 | €66,242 | €6,382 | ▼ 90.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,212 | €1,248 | €1,534 | €1,206 | €1,204 | ▼ 0.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €180,220 | €197,424 | €256,686 | €277,988 | €325,971 | €403,288 | €449,962 | €465,446 | ▲ 3.4% |
| Equity10/15 | €137,467 | €165,838 | €197,860 | €231,188 | €267,188 | €306,963 | €321,861 | €344,253 | ▲ 7.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €8,060 | €8,060 | €6,200 | ▼ 23.1% |
| Reserves13 | €116,120 | €144,491 | €176,513 | €224,988 | €260,988 | €298,903 | €313,801 | €338,053 | ▲ 7.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €223,128 | €259,128 | €298,903 | €313,801 | €338,053 | ▲ 7.7% |
| Profit (loss) carried forward14 | €15,147 | €15,147 | €15,147 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €42,753 | €31,586 | €58,825 | €46,800 | €58,783 | €96,325 | €128,101 | €121,193 | ▼ 5.4% |
| Amounts payable after more than one year17 | €12,633 | €3,743 | - | - | - | €36,514 | €25,386 | €13,891 | ▼ 45.3% |
| Financial debts170/4 | - | - | - | - | - | €36,514 | €25,386 | €13,891 | ▼ 45.3% |
| Amounts payable within one year42/48 | €30,120 | €27,843 | €58,825 | €46,800 | €58,783 | €59,811 | €102,715 | €107,302 | ▲ 4.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €10,772 | €11,128 | €11,495 | ▲ 3.3% |
| Trade debts44 | - | €4,631 | €5,200 | €5,975 | €5,694 | €3,899 | €1,852 | €2,550 | ▲ 37.7% |
| Suppliers440/4 | - | - | - | €5,975 | €5,694 | €3,899 | €1,852 | €2,550 | ▲ 37.7% |
| Taxes, remuneration and social security45 | - | - | - | €23,516 | €33,486 | €35,195 | €14,517 | €14,530 | ▲ 0.1% |
| Taxes450/3 | - | - | - | €6,035 | €15,930 | €13,345 | €11,917 | €12,328 | ▲ 3.4% |
| Remuneration and social security454/9 | - | - | - | €17,481 | €17,556 | €21,850 | €2,600 | €2,202 | ▼ 15.3% |
| Other amounts payable47/48 | - | - | - | €17,309 | €19,603 | €9,945 | €75,219 | €78,727 | ▲ 4.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,260 | €43,371 | €32,022 | €33,328 | €36,000 | €39,775 | €54,898 | €58,393 | ▲ 6.4% |
| + Depreciation and write-downs630 | €14,653 | €14,653 | €15,233 | €15,635 | €4,626 | €22,749 | €25,453 | €24,863 | ▼ 2.3% |
| Operating cash flow (approximation) | €37,913 | €58,025 | €47,255 | €48,963 | €40,626 | €62,524 | €80,350 | €83,256 | ▲ 3.6% |
| Investment in fixed assets (approximation) | - | €0 | -€3,488 | -€1,156 | -€4,676 | -€103,563 | €0 | €0 | - |
| Change in cash | - | €43,937 | €71,604 | -€149,893 | €59,336 | €24,810 | -€41,208 | -€59,860 | ▼ 45.3% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 17,811 companies had the same profile as INFOrce has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of INFOrce itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 17,811 companies, not a prediction for INFOrce. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-06-2026 | 2026-00179527 | |
| 31-12-2024 | micro format | 21-06-2025 | 2025-00161012 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00210645 | |
| 31-12-2022 | micro format | 29-07-2023 | 2023-00291490 | |
| 31-12-2021 | micro format | 03-07-2022 | 2022-20122009 | |
| 31-12-2020 | micro format | 04-07-2021 | 2021-30700201 | |
| 31-12-2019 | micro format | 26-06-2020 | 2020-23000028 | |
| 31-12-2018 | micro format | 25-06-2019 | 2019-25900047 | |
| 31-12-2017 | abbreviated format | 14-06-2018 | 2018-18000406 | |
| 31-12-2016 | abbreviated format | 29-06-2017 | 2017-23500508 |